Ashtead leads FTSE lower, Ted Baker at 16-yr low

UK shares dipped on Tuesday after disappointing corporate updates from blue-chip industrial firm Ashtead and small-cap retailer Ted Baker, while investors stayed cautious ahead of the UK election and a deadline for fresh U.S. tariffs on China. The main index was down 0.3% by 0815 GMT, led by a 5% fall in Ashtead as the company's warning on challenging conditions in the UK overshadowed profit rise.

The more domestically-focussed midcap index was largely unchanged ahead of UK's economic growth data scheduled to be released in about an hour. Among smaller companies, Ted Baker tanked 36% to levels not seen since 2003 after it announced the departure of two of its top C-suite members, cancelled dividend payout and warned that trading during the Black Friday period was below expectations.